Ethereum surges past $2,300, gaining over 20% in 24 hours.

Per HTX market data, HYPE has jumped over 22% in the past 24 hours, currently trading at $71.94. On the news front, US President Donald Trump stated that SEC Chair is working to advance Hyperliquid’s entry into the US market. Trump noted that relevant efforts are ongoing, with the goal of enabling Hyperliquid to operate under the US regulatory framework. No specific implementation plan or timeline has been disclosed yet. Earlier, Hyperliquid representatives discussed digital asset regulatory issues with the US SEC Crypto Assets Working Group, covering Hyperliquid’s ecosystem, technical architecture, and market regulatory pathways.

U.S. President Donald Trump said during a meeting with tech and innovation leaders at the White House that the U.S. has "completely ended its war on the crypto industry" and that the crypto market is developing rapidly. "The crypto industry is booming and performing extremely strongly—no one can stop it," he stated. He also noted that China aims to enter the crypto space and gain a leading position, but has not yet succeeded. Trump has repeatedly emphasized that the U.S. needs to maintain global leadership in emerging technologies such as Bitcoin, cryptocurrencies, and artificial intelligence, and push for the establishment of a clearer regulatory framework for digital assets. At a recent White House crypto industry meeting, Trump also urged Congress to pass the Clarity Act to set clearer regulatory rules for the digital asset market, saying the U.S. needs to use policy support to attract crypto companies to stay and develop domestically.

According to HTX market data, Bitcoin briefly surged to hit $70,000 and has now pulled back to $69,800, with its 24-hour gain expanding to 8.08%.

According to OnchainLens monitoring, an address linked to Multicoin Capital deposited 62,730 HYPE tokens into Coinbase Prime 45 minutes ago, valued at roughly $4.37 million. On-chain data identifies the transfer address as 0x57C6D4bD52F592a265F59B595a905B04C848174B. Multicoin Capital has previously conducted multiple HYPE token transfer operations.

According to monitoring by Onchain Lens, Hyperliquid trader "pension-usdt.eth" had their ETH short position liquidated, with an exposure of approximately $108.18 million. On-chain data shows the trader incurred a $26.66 million loss from this liquidation, though their cumulative historical profit remains positive at $17.76 million. Prior to the liquidation, the address held around 50,000 ETH short positions valued at roughly $85 million. The trader's on-chain address is: 0x0ddf9bae2af4b874b96d287a5ad42eb47138a902

The crypto market has rallied, with Bitcoin briefly topping $69,000 for the first time in two months, while Ethereum rose roughly 19% to reclaim the $2,200 mark. The rally was driven primarily by two policy announcements. The U.S. Treasury Department said it will at least double the size of its long-term Treasury repurchase operations, raising the single-auction cap for 10–20 year and 20–30 year Treasuries from $2 billion to $4 billion. The measure takes effect September 9 and will run through the end of the current refinancing quarter. The Treasury stated the move is intended to provide additional liquidity support to the long-term Treasury market. Meanwhile, the U.S. Securities and Exchange Commission (SEC) proposed a new regulatory framework for crypto asset issuances, aiming to create an exemption pathway for certain crypto offerings tied to investment contracts. Under the proposal, eligible issuers can raise up to $5 million over four years, or up to $75 million annually, if they meet disclosure requirements. Fueled by these positive policy developments, the broader crypto market saw broad-based gains, with major assets including Solana and XRP surging over 5% in the past 24 hours. Market analysts noted that while the Treasury’s expanded repo operations differ from traditional quantitative easing, they could still improve liquidity in the long-term bond market, fostering a more favorable environment for risk assets. Additionally, VanEck has previously stated that Bitcoin’s correction phase may be nearing its end, with historical cycle data suggesting the cryptocurrency could be entering a potential accumulation phase. Crypto-related stocks also rose in tandem: Fold Holdings jumped nearly 20%, BitGo and American Bitcoin gained around 15%, and Bitcoin asset reserve firm Strategy and Ethereum asset reserve firm Bitmine rose roughly 10%.